Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Coles Group Limited
  6. News
  7. Summary
    COL   AU0000030678

COLES GROUP LIMITED

(COL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Regulator's Lawsuit Alleges Coles Underpaid Thousands of Workers

12/01/2021 | 11:32pm EST

By Mike Cherney

SYDNEY--Australia's workplace regulator has sued Coles Group Ltd., one of the country's two biggest supermarket operators, for allegedly underpaying more than 7,500 salaried employees a total of 115 million Australian dollars (US$81.7 million).

The Fair Work Ombudsman said most of the underpayments were the result of Coles paying employees annual salaries that were insufficient to cover the work they actually did, given that they put in lots of overtime. The underpayments occurred between January 2017 and March 2020.

"Businesses paying annual salaries cannot take a 'set-and-forget' approach to paying their workers," said Fair Work Ombudsman Sandra Parker. "Employers must ensure wages being paid are sufficient to cover all minimum lawful entitlements for the hours their employees are actually working."

Coles said it is reviewing the proceedings. The company said it has been conducting a review into the pay arrangements for salaried team members and has already paid out A$13 million, with a further A$12 million provisioned in its most recent accounts.

The ombudsman alleged that salaried managers were generally contracted and rostered to work 40 hours per week, but worked one additional hour on average per shift.

Alleged underpayment of workers has been an issue for the broader supermarket industry in Australia. The ombudsman also sued Woolworths Group Ltd., the other big supermarket operator, for a similar matter earlier in the year.

Shortly after that lawsuit was filed in June, Woolworths said it had self-reported the matter to the ombudsman and had been working to review and remediate the issue since 2019. It said at the time that more than A$370 million had been paid to current and former salaried team members.

Write to Mike Cherney at mike.cherney@wsj.com

(END) Dow Jones Newswires

12-01-21 2332ET

All news about COLES GROUP LIMITED
01/11Omicron surge threatens to slow down Australia's economic recovery
RE
01/11Australia shares end lower as Omicron spreads, financials slide
RE
01/10Australian shares fall on Omicron worries, drop in energy stocks
RE
01/07Omicron Variant Hits Staff Attendance, Product Supply of Australian Supermarkets
MT
01/05Australia suffers record COVID cases, straining businesses and supply chains
RE
01/05Australia suffers record COVID cases, straining businesses and supply chains
RE
2021COLES : Notification regarding unquoted securities - COL
PU
2021COLES : Application for quotation of securities - COL
PU
2021Australia shares close flat as financials negate losses in retailers
RE
2021Australian shares fall as Woolworths slumps on bleak earnings view
RE
More news
Analyst Recommendations on COLES GROUP LIMITED
More recommendations
Financials
Sales 2022 39 565 M 28 372 M 28 372 M
Net income 2022 986 M 707 M 707 M
Net Debt 2022 9 320 M 6 683 M 6 683 M
P/E ratio 2022 21,7x
Yield 2022 3,76%
Capitalization 21 685 M 15 487 M 15 550 M
EV / Sales 2022 0,78x
EV / Sales 2023 0,77x
Nbr of Employees 120 000
Free-Float -
Chart COLES GROUP LIMITED
Duration : Period :
Coles Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COLES GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 16,24 AUD
Average target price 17,95 AUD
Spread / Average Target 10,5%
EPS Revisions
Managers and Directors
Steven Cain Chief Executive Officer, Director & MD
Leah Weckert Chief Financial Officer
James Philip Graham Chairman
John Cox Chief Technology Officer
Matthew Swindells Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
COLES GROUP LIMITED-9.48%15 487
SEVEN & I HOLDINGS CO LTD4.49%40 954
AVENUE SUPERMARTS LIMITED-12.33%35 487
SM INVESTMENTS CORPORATION0.74%22 338
CARREFOUR8.54%15 113
ALBERTSONS COMPANIES, INC.-10.30%13 222